Been there...

A bigger picture.

The Barbarian said:

Drowsy Don said he'd reverse Obama's legacy but he only managed to stop it for a while. Biden has it back on schedule.

Click to expand...

If Trump said that about employment he truly is a nut case. The trend has been up.

The President does not impact private payrolls that much. Reducing regulations, taxes or providing incentives for a time might help but typically those reductions will just defer the negative. I can reduce pollution standards, but people developing asthma and other ailments pay the cost later. I reduce taxes, and if revenues do not go up (Often they do not) then future generations pay. Incentives are the worst. Giving people 7500 to buy an electric car. I have seen studies where government has spent a million plus, per job by offering incentives.

I guess the President has veto power over budgets but I doubt Trump has any more fiscal discipline than Biden. It is hard to compare now because of COVID excessive spending during those worst years. Trump cutting taxes as he is saying again will not expand revenues and I have yet to hear of any serious plans to cut government spending. Trump wants to control the Federal Reserve more too. That would be Ok perhaps , but Trump wants looser monetary policy. Trump is still better than Biden but there is no serious GOP plan to address the debt or social security.

When unemployment is below the natural rate (perhaps 5%) a President should seek to LOWER private payrolls to stop inflation. That is how it is supposed to work. Instead Trump, Biden and the Federal Reserve kept the heroin going. No crash yet, but no slack in debt if we ever do need economic stimulus or for building the military. We are setting like we should at a World War's end, not at the beginning.

To sum it up, America, and Japan and some Euro citizens have been on the casino floor for at least 20 years. It is a great casino because the slots are so loose that for every dollar you put in, you get on average 1.05 to 1.25 back. The casino just makes more chips but eventually the chips are not worth much. Folks, the end is nearer than we think.